Irvine Wayne Brewer Allegedly Participated in New Life Without Proper Prior Written Notice

stockbroker fraud attorneyFrom November 1, 2012 through December 31, 2012, Irvin Wayne Brewer, formerly registered with Waddell & Reed, participated in an outside business activity, New Life, without providing prior written notice to and receiving approval from Waddell & Reed, according to a recent FINRA Letter of Acceptance, Waiver and Consent (AWC).

The AWC further alleges that, between November 1 and November 28, 2012, Brewer reportedly formed New Life as a limited liability corporation in the State of Indiana, and created and signed an Operating Agreement for New Life. What is more, the AWC notes, between December 20 and 31, 2012, Brewer allegedly accepted compensation from two sets of Waddell customers for planning advice offered through New Life.

Irvine Wayne Brewer, Suspended and Fined, Allegedly Failed to Notify Waddell & Reed Regarding Outside Business Activities

On December20, 2012, customers known only as R & LW allegedly paid Brewer $4,700, and on December 31, 2012, customers known only as R & JF paid Brewer $2,800, the AWC further alleges. Brewer reportedly failed to provide prior written notice to Waddell for these outside business activities, the AWC reports.

As a result of the alleged aforementioned malfeasance, Brewer violated FINRA Rules, and has received a 30-day suspension from associating with any FINRA member in any capacity, and $5,000 fine, the AWC informs.

Investor Rights Attorneys Investigating

The Peiffer Wolf investment rights attorneys often represent investors who lose money as a result of investment misconduct. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.

Investors who believe they lost money as a result of investment misconduct may contact the investor rights lawyers at Peiffer Wolf, Jason Kane or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 585-310-5140.

Broker: Irvin Wayne Brewer

Status: INVESTIGATED by Peiffer Wolf.

For brokercheck report and additional info click here!

Peiffer Wolf (1316 Posts)

In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent blogs regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases.